SpectraScience buys assets of VC-backed Oncoscope

SpectraScience Inc, a medical device company, acquired the assets of Oncoscope Inc, a Durham, North Carolina-based developer of a proprietary optical imaging system. Oncoscope has received funding from Applied Ventures, IDEA Fund Partners and others, according to earlier press releases.

PRESS RELEASE

SAN DIEGO, CA–(Marketwired – February 23, 2016) – SpectraScience, Inc. (OTCQB: SCIE), a medical device company utilizing light technologies to detect and diagnose cancers, announced today that it has acquired the assets of Oncoscope, Inc. of Durham, North Carolina. Oncoscope developed a proprietary optical imaging system to provide immediate, minimally-invasive detection of pre-cancerous epithelial tissues using scattered white light. Their first target indication was for Barrett’s Esophagus, a precursor for cancer of the esophagus.

“The Oncoscope technology is the perfect complement to ours. SpectraScience’s Laser Induced Fluorescence Spectroscopy (LIFS) measures concentration of specific biomarkers in epithelial tissues. The strength of Oncoscope’s technology is its focus on enlarged cell nuclei, an early marker of pre-cancers and cancers. Both technologies arrive at the same conclusion by measuring different indicators. Having two complementary technologies allows us to address multiple types of cancers including both esophageal and colon cancers,” said Michael Oliver, President and Chief Executive Officer of SpectraScience. He went on to say, “Oncoscope’s focus on a diagnostic for Barrett’s Esophagus will shorten the development time for a commercial product to address this indication. With a solution for diagnosis of cancer in the upper GI as well as the lower GI, we will be able to more efficiently utilize our manufacturing capabilities and leverage the sales channel to Gastroenterologists.”

About SpectraScience, Inc.:

SpectraScience is a San Diego based medical device company that designs, develops, manufactures and markets spectrophotometry systems capable of determining whether tissue is normal, pre-cancerous or cancerous without physically removing tissue from the body. Protected by more than 30 patents in 28 countries, covering fundamental elements of the technology, the WavSTAT Optical Biopsy System uses light to optically scan tissue and provide the physician with an immediate analysis. With FDA approval for sale in the U.S. and the CE Mark for the European Union, the WavSTAT System is the first commercially available product that incorporates this innovative patent protected technology for clinical use.

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Visit our web site www.spectrascience.com